US-headquartered insurance association, LIMRA, has established an advisory council to explore opportunities in the life insurance and retirement sectors to use blockchain technology.

Blockchain is a distributed ledger technology that provides a secure, legal record of a transaction on a decentralized network.

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Researchers predict blockchain technology will solve many of the challenges the financial services industry faces.

From lowering administrative and claims processing costs, to expanding access to underserved markets and enabling immediate issue products, LIMRA said blockchain has the capacity to revolutionise the financial services industry.

LIMRA’s Blockchain Advisory Council will hold its inaugural meeting on 7 September at the Massachusetts Institute of Technology (MIT) Endicott House.

Initial members of the Blockchain Advisor Council include representatives from AXA, John Hancock, Lincoln Financial Group, MassMutual, Nationwide, Northwestern Mutual, Pacific Life Insurance Company, Penn Mutual and Principal Financial Group.

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The event will feature experts on blockchain, including Linda Pawczuk, principal, Global Technology, Deloitte Consulting, who will discuss opportunities to leverage blockchain technology to improve operations and efficiencies in the business.

LIMRA will work with the advisory council to identify and prioritise concepts for practical collaborative industry solutions that could be developed and implemented within 18 months.

Robert Kerzner, president and CEO, LIMRA, LOMA, LL Global, said: “Our role as a trade association is to provide a forum for industry discussion and collaboration on emerging trends.”

He added: “Blockchain technology offers our members significant ways to immediately improve operations and efficiencies.  We are encouraged that many of our members have joined LIMRA’s Blockchain Advisory Council to help us find scalable solutions using this technology.”